Order Management Software
The business process related to placing of orders for goods or services is what is referred to as order management. Primarily related to retail business but also increasingly used in other industries such as health care, pharmaceutical, securities and financial sectors, order management software (OMS) helps in streamlining and automating order processing.
Taking a closer at the features offered by OMS we start with the process of when you receive an order. It could be that you only have one channel from where you receive an order, however it is also likely that you have multiple channels from where you receive your orders. It could be an online order through your website, through your eCommerce store, through shopping channels or it could be orders from your store. OMS allows you to manage all your orders from all sales channels into one central system. Most OMS provides you with integration with your POS (point of sale).
Orders received from any channel can then be put in the system. And once you input the data in the system it simply flows into other systems such as fulfilment, billing, and shipping without any separate entries into those systems. This is the benefit of automated and integrated feature of OMS. OMS also provides you with some standard order steps such as fraud check, order revision or cancellation and returns and exchanges.
Keep track of your order process throughout its journey in real time. You know where your order is at up to the minute. OMS lets you take care of any potential issue before it becomes a problem. Some of the things that you can check here are which orders are not packed, picked or shipped, orders for which credit card payment is not yet processed (needs approval), backorder, returned order because of incorrect address and many such tracking factors.
OMS lets you modify your orders on-the-fly. The software automatically generates your shipping labels and your picking and packing slips. Planning to offer deals like buy one get one free, free shipping, spend “X” amount or any other promotional offers? These are great promotional tools however they do pose certain challenges for your inventory and order management teams. But OMS takes care of these challenges and let you promote any number of deals and thus helps you generate more sales revenue.
Further, OMS easily integrates with inventory management, sales and accounting packages. With this integration your sales and finance teams are able to share order information, pricing information and any other information. Also, there is no need of any double entry. The software takes care of all sales tax requirements and helps you comply with regulations in various jurisdictions. And integration with inventory management lets you ship the order as soon as you receive it.
One of the important processes of order management is payment processing. OMS provides you with features that allows you to accept broad range of payment options including all card types, purchasing card and many other options. Your transactions can be authorized securely to your bank or credit card network with the help of OMS. You can also process your refunds through this integrated payment processing.
Get a view of your data in real time. This includes information about your inventory, information about your order fulfillment rates and your sales numbers. Further get information about which product, salesperson or customer is helping you generate the most revenue and the reasons for it. Ask a question and OMS will have an answer for you.